US stocks reached all-time highs on Wednesday, with the S&P 500 rising 0.8% to close at 7,022.95, surpassing the previous record set in January, as investors grew increasingly optimistic that the ongoing US-Iran war will not deliver a lasting blow to the global economy. The rally — now more than 10% over two weeks — has been driven largely by expectations of reduced tensions and a restoration of full oil flows through the Persian Gulf, with regional officials telling the Associated Press that Washington and Tehran had reached an "in principle" agreement to extend a ceasefire. The Nasdaq composite also gained 1.6% to a record close, buoyed by a recovery in technology stocks and strong earnings from Bank of America and Morgan Stanley, though oil prices remain elevated at around $95 per barrel — well above pre-war levels — signalling that financial markets are not yet fully convinced the conflict is over.